Normalised H1 results; H2 should be better, but caution warranted

H1 profitability missed street expectations. There was broad-based normalisation – due to reversing pricing excesses and/or intensifying cost headwinds. Interim dividend was slashed. While iron ore and copper have recovered materially (fuelling H2 expectations) – banking on Chinese reopening opportunities, there are vulnerabilities – high exposure to (Chinese) steel markets, and operational risks in LatAm. Also, even though BHP is a strong large-cap miner, it remains to be seen how well balance

SP Angel Morning View: Copper and Iron ore extend gains on improving China construction activity

SP Angel Morning View: Copper hits $9,500/t on reports of traders buying up physical metal

BHP (BHP LN) – Operations review leaves production and cost guidance intact after H1 delivers record iron ore production. Centamin (CEY LN) – Sukari meets 2022 production and cost guidance and looks to increase production in 2023 Kodal Minerals* (KOD LN) - BUY – Hainan Mining agrees to fund Kodal's Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5p Kore Potash* (KP2 LN) – BUY, 5.0p Expect financing proposal to cover the full cost of building the Kola potash mine and a

SP Angel Morning View: Copper eases on China uncertainty, recession risks and strengthening Dollar

BHP (BHP LN) – BHP to face $12bn lawsuit as judge sets trial date of April 2024 CATL (SHE: 300750) – Interim report shows strong growth in energy storage systems for CATL Eurasia Mining* (EUA LN) – West Kytlim production climbs with a potential divestment discussions ongoing GreenRoc Mining (GROC LN) – Close of broker option following placing to develop Amtisoq Graphite Project Kodal Minerals* (KOD LN) – Interims highlight lower capital cost and higher value of DMS process route to producti

SP Angel Morning View: Copper prices supported by PBOC comments in support of the property sector

AfriTin Mining (ATM LN) – lower quarterly production following plant expansion, though record tin production in Nov 2022 Beowulf Mining* (BEM LN) – High-grade trenching results at Räpysjärvi graphite prospect Deep Yellow (DYL AU) – Successful completion of Omahola drilling campaign and results Ecora Resources (ECOR LN) – Report of appointment of Christine Coignard as Independent non-executive director Glencore (GLEN LN) – Canada blocks proposed coal mine in British Columbia GreenRoc Mining

SP Angel Morning View: Commodities surge higher on dovish Powell comments and weakening US dollar

BHP (BHP LN) – CEO Henry: "Decarbonisation, electrification doesn't happen without mining" Horizonte Minerals (HZM LN) – Port contracts agreed for the Araguaia ferronickel project SolGold* (SOLG LN) – Completion of US$50m royalty financing Tesoro Gold (TSO AU) – Drilling uncovers new discovery at El Zorro Zijin Mining (2899 HK) – Zijin estimates lithium prices could halve by 2025, despite $16bn investment into the space

SP Angel Morning View: Copper continues to slide as majors warn on China slowdown

Aura Energy* (AURA LN) – Completion of resource-enhancement drilling at the Tiris uranium development project in Mauritania Antofagasta* (ANTO LN) – Improved water availability at Los Pelambres helps increase copper production BHP (BHP LN) – Quarterly operations review leaves production and cost guidance intact. Culpeo Minerals* (CPO AU) – Phase-2 drilling commences at Lana Corina Lepidico (LPD AU) – Pilot trials demonstrate feasibility of LiOH production Shanta Gold (SHG LN) – Potential t

Coal-driven full-year results and extravagant returns

Unlike the AV universe iron ore miners, BHP reported strong results which were a big function of coal market excesses. As a result, impressive shareholder returns were announced. However, we remain wary regarding the sustainability of the FY22 gains/surprises as energy markets may not remain tight for very long – especially given the slowdown risks. Also, with the brewing challenges/risks in iron ore and copper, BHP lacks the diversity to withstand any further deterioration in commodity markets.

SP Angel Morning View: Metals hold steady despite collapse in NY Empire State manufacturing index

Arc Minerals* (ARCM LN) – New drill program starts as Arc grants extension to Anglo to complete due diligence BHP (BHP AU) – Record EBITDA, profit and dividend for year to 30th June BlueRock Diamonds* (BRD LN) – BlueRock posts circular for refinancing and issue of new shares Condor Gold* (CNR LN) – Detailed technical assessments for the DFS continue to de-risk La India Empire Metals* (EEE LN) – Positive results from Eclipse-Gindalbie Power Metal Resources* (POW LN) – Exploration update for

SP Angel Morning View: Strong US employment raises risk for higher rates as US looks to reduce inflation

Amur Minerals* (AMC LN) – Recommended $35m offer for the Kun Manie Project Anglo Asian Mining* (AAZ LN) – BUY – ~C$1m investment in Libero to maintain its 19.9% interest in copper explorer BeMetals* (BMET CN) – Major shareholder provides US$5m loan BHP (BHP LN) – Proposal to acquire Oz Minerals rejected by target East Star Resources (EST LN) – Additional rare-earth exploration licences in Kazakhstan Tertiary Minerals* (TYM LN) – Sale of Finnish royalties Tirupati Graphite (TGR LN) – £1.5m

SP Angel Morning View: China copper imports rise on expectations for further stimulus

Ariana Resources (AAU LN) – H1 production results confirm the 2022 guidance of 25,000oz of gold production is on track BHP (BHP LN) – Exploration spending to hit 17-yerar high at Nickel West Cornish Lithium (Private) – Cornish Lithium reports funding for its Geocubed lithium from geothermal brine pilot plant in Cornwall Kavango Resources (KAV LN) – Initial sampling at target on KCB KEFI Gold and Copper* (KEFI LN) – Jibal Qutman exploration license re-issuance is imminent with two additional

SP Angel Morning View: ECB may consider 0.5pp hike as inflation outlook worsens

Atlantic Lithium* (ALL LN) – Latest drill results continue to deliver outside Ewoyaa resource area BHP (BHP LN) – Operational review shows production guidance achieved across most commodities Cora Gold (CORA LN) – MRE update brings more ounces into the Indicated category Culpeo Minerals* (CPO AU) – Drill results at La Corina continue to show strong continuity Horizonte Minerals (HZM LN) – Community skills training agreement Kodal Minerals* (KOD LN) – Annual results highlight progress at the

SP Angel Morning View: Metals rise on G7 $600bn infrastructure target and as China eases travel quarantine rules

BHP (BHP AU) – $4bn earmarked for emissions reduction by 2030 Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret encounters mineralisation KEFI Gold and Copper* (KEFI LN) – Response to press reports Keliber (private) – Environmental permits secured for lithium plants Kore Potash* (KP2 LN) - BUY – Kola Optimisation Study delivers better economics and more robust project with EPC and funding proposal targeted for H2/22 Orosur Mining* (OMI LN) – Positive soil sampling results

Fully funded for range of activities - operational and key third party evaluations

Initial Equity Trading Comments - 15 May 2023

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Jersey Oil and Gas (JOG LN) - Full year 2022 results

JOG has released its full year 2022 results. These report a net cash holding of £6.6m which, alongside upcoming payments under the GBA farm out deal with NEO Energy, gives JOG a very strong funding base. The statement also reiterates the company’s focus on progressing its GBA project, including approval and closure of the farm out, progression of the Buchan development plan, likely a second farm out, and then FID in H1 2024. We expect this to represent a series of catalysts over the coming month

Pantheon Resources (PANR) – Corporate – Successful $22m Placing

Pantheon Resources announced the closing of a $22m significantly oversubscribed placing and subscription priced at 17p. The use of proceeds will include: i) funding the flow testing of the Alkaid#2 well from the SMD horizon, ii) funding a competent person report to be prepared by Netherland Sewell and Associates covering the Theta West and Alkaid oil discoveries, iii) funding the preparation of dynamic models and field development models to be prepared by SLB (formerly Schlumberger) and iv) fund

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

LIBERUM: Caledonia Mining* - The worst should be behind us; onwards and upwards from here

LIBERUM: Helium One* - >60% increase in Helium resource

Hybridan Small Cap Feast - 23 Feb 23

23rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Anglo Asian Mining* - FY22 reflect lower gold production, FY23 guidance reiterated and 8c dividend maintained

Morning Note – 24 May 2023